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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blue Prism Group Plc | LSE:PRSM | London | Ordinary Share | GB00BYQ0HV16 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,274.00 | 1,274.00 | 1,275.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPRSM
RNS Number : 2960Q
Blue Prism Group PLC
18 June 2020
BLUE PRISM GROUP PLC
('BLUE PRISM' OR 'THE GROUP')
RESULTS FOR THE SIX MONTHSED 30 APRIL 2020
JASON KINGDON, CHAIRMAN & CEO, COMMENTED: "We have delivered a strong first half performance despite disruptions from the COVID-19 pandemic. Revenues have grown by 70%, we have secured GBP1 million in new monthly recurring revenue and maintained a world class gross revenue retention rate of 98%, notwithstanding our customers facing the most uncertain and difficult economic outlook in a generation. The recent fundraising of GBP100m has reinforced our strong position and insulates us from any further or prolonged disruptions as we progress to cash flow breakeven in 2021. It also places us well to respond to any opportunities that may arise as a result of trends to remote or distributed working, which our product and approach is uniquely well placed to capture. Our view on the significant potential of our market remains unchanged, and in many ways the current environment may stand to accelerate market development in the longer-term. Our product and approach mean we are well distanced from other market participants and as a result the Board and I remain absolutely convinced that Blue Prism is strongly positioned to deliver on the unique and compelling opportunity ahead of it."
FINANCIAL HIGHLIGHTS GBPM 1H20 1H19 Group revenue 68.5 40.4 -------------------------------- ======= ------- Exit monthly recurring revenue 11.6 7.6 -------------------------------- ======= ------- Recurring revenues 98% 97% -------------------------------- ======= ------- Adjusted EBITDA (excludes share based payments) (29.8) (31.0) -------------------------------- ======= ------- Loss before income tax (41.4) (34.4) -------------------------------- ======= ------- Operating cash flow (31.2) (18.6) -------------------------------- ======= ------- Net cash and short-term investments 140 .8 129.4 -------------------------------- ======= ------- SALES HIGHLIGHTS -------------------------------- ======= ------- Total customers at period end 1,864 1,337 -------------------------------- ======= ------- New customer wins 255 349 -------------------------------- ======= ------- Upsells 635 496 -------------------------------- ======= -------
HIGHLIGHTS
-- 70% growth in revenue half year on half year and GBP1m of monthly recurring revenue (MRR) added (from FY19) despite COVID-19 related disruptions in the first half:
- Net retention rate of 110% delivered despite impact of delays to pipeline conversions and smaller average deal sizes
- 373 customers upsold in the first six months - New work won includes customers in particularly impacted sectors such as aviation
-- Gross revenue retention rate remains strong at 98%
-- Organisation has quickly responded to disruptions relating to the COVID-19 pandemic
- Seamlessly moved to a largely working-from-home model
- COVID-19 response programme launched to provide support to customers and impacted organisations, for example the NHS
- Funding of GBP100m secured in April 2020 provides the Group significant balance sheet strength in the event of prolonged disruptions, and flexibility to respond to opportunities that may occur
-- Operating cash outflow reduced from 2H19. The Group plans to reach cash break-even in 2021
-- The Board will provide guidance for FY 2020 as uncertainty surrounding the duration and extent of COVID-19 disruptions abates
- While disruptions have had an impact on growth and financial performance in the first half, in the longer-term the impacts of the pandemic could highlight the benefits of the Digital
Workforce. Inbound enquiries continue to be strong
- Product is designed for remote and distributed ways of working - cloud-based deployments available, incorporating shareable, reusable objects, centralised control and market leading security
CONTACT
Hot Features
Premium
Tom Hull, Head of Investor
Blue Prism Group plc Relations +44 (0)7736 707 407
thomas.hull@blueprism.com
FTI Consulting Matt Dixon +44 (0)20 3727 1000
Darius Alexander
Carlton Nelson
Sebastian Lawrence
Investec Ben Griffiths +44 (0)20 7597 5970
ANALYST PRESENTATION
Jason Kingdon, Chairman & CEO and Ijoma Maluza, CFO, will host a call to discuss the results at 2pm BST today (18 June 2020)
To participate in the conference call please use the following access details:
Phone number: +44 (0)330 336 9411
Confirmation code: 3006075
To join the audio webcast, please click on the following link:
https://webcasting.brrmedia.co.uk/broadcast/5eb92d4231da814c9fc6fdb1
Please note that you will be unable to ask questions via the webcast.
RESULTS FOR THE SIX MONTHSED 30 APRIL 2020
GROUP OPERATIONAL PERFORMANCE
Group revenue increased 70%, driven by the exit recurring revenue in FY2019 and new customer sales and upsells during the half year. MRR at 30 April 2020 was GBP11.6m (30 April 2019: GBP7.6m), an increase of GBP1.0m on the FY2019 MRR of GBP10.6m. New MRR was generated from upsells into existing customers and growth in the customer base, which grew from 1,677 at the end of FY2019 to 1,864 at 30 April 2020 (30 April 2020: 1,337). The MRR growth rate was adversely impacted by the COVID-19 pandemic, with customers refocusing on immediate business continuity tasks and becoming very cautious with new spending decisions resulting in delayed pipeline conversions and smaller deal sizes. The Group has historically seen performance weighted toward the second half of its financial year and within the first half the second quarter has historically been seasonally important for new business.
Despite the global macro environment causing significant disruption to the businesses of the customer base revenue retention has remained very strong, with a gross revenue retention rate (monthly recurring revenue at the beginning of the period less MRR losses from lost customers, annualised) of 98%.
The adjusted EBITDA loss for the period ended 30 April 2020 was GBP(29.8)m, slightly below 1H19 (30 April 2019: GBP(31.0)m).
The table below provides a reconciliation between the loss before income tax and adjusted EBITDA:
GBPM 1H20 1H19 Loss before income tax (41.4) (34.4) ------------------------ ======= ------- Interest - (0.2) ------------------------ ======= ------- Share-based payments 7.0 3.3 ------------------------ ======= ------- Amortisation 3.0 0.1 ------------------------ ======= ------- Depreciation 1.6 0.2 ------------------------ ======= ------- Adjusted EBITDA (29.8) (31.0) ------------------------ ======= -------
The loss for the period before share-based payments was GBP(34.7)m (1H19: GBP(31.7)m). The loss for the period after share-based payments and taxation was GBP(41.7)m (1H19: GBP(35.0)m).
MARKETPLACE
Blue Prism believes that the organisation of the 21(st) Century will be one third Digital Workers, moving seamlessly between people and systems. This underlines the scale of the Group's potential addressable market, with almost all organisations globally being a potential customer. Blue Prism's products and approach are focused on serving enterprise grade organisations, many of whom have significant business and system infrastructure and so have the greatest opportunity for automation.
Industry analysts have offered many views of the RPA market size, with the overwhelming consensus being that the market has significant growth potential. Piper Sandler's Future of Work: SaaS & Services Industry Note, published in May 2020, forecasted that RPA could become a significant software market in its own right, with a potential total addressable market of $170bn.
In the immediate term Blue Prism has noted some headwinds from the COVID-19 pandemic, with customers focusing on business continuity and so delays to conversions and lower deal sizes. These impacts are expected to be temporary and over time the focus placed on business operations, continuity and systems by the pandemic may prove to accelerate the development of the market. Blue Prism has been encouraged by the critical work its product has been undertaking in this market environment which includes, amongst many other use cases:
-- Working with multiple UK NHS (National Health Service) trusts on processes including admissions, communications, outpatients support and administrative functions
-- Processing of COVID-19 interventions such as mortgage holidays for global financial institutions
In time these use cases may work to further highlight the potential of the Digital Workforce as a critical component of the 21(st) Century organisation.
Blue Prism believes its product is very well suited to help drive ongoing trends towards distributed and remote working, benefitting from centralised control, shareable objects and processes and market leading security levels. For example, the UK NHS has used a private area of the Blue Prism Digital Exchange (DX) to set up a shareable repository of processes that can be adopted by individual trusts, developing common processes and speeding up automation roadmaps.
Although there has been some evidence of immediate COVID-19 related slowdown in the past few months, the overwhelming dynamics point to a market with underlying structural growth. This is supported by some notable new entrants including Microsoft. Blue Prism continues to believe it is sufficiently differentiated from other players in the RPA market by its unique product and approach. Blue Prism expects that the size and appeal of the RPA market will continue to attract entrants, particularly as customer demand and awareness grows. While its positioning remains unchanged, the Group monitors the market constantly for new developments.
CUSTOMERS
The Group closed the financial period ended 30 April 2020 with an increased customer base of 1,864 customers. The customer base represents a significant opportunity for the Group, with the largest customers increasingly providing a blueprint for other customers to scale and the Group's continued track record in upselling underpinning this opportunity further.
SALES HIGHLIGHTS 1H20 2H19 1H19 FY19
Opening customers 1,677 1,337 992 992
------ ------ ------ ------
Adjustments - (21) - (21)
------ ------ ------ ------
Revised opening number
[1] 1,677 1,316 992 971
------ ------ ------ ------
Losses during the period (68) (36) (4) (40)
------ ------ ------ ------
Acquired with Thoughtonomy - 76 - 76
------ ------ ------ ------
Additions during the
period 255 321 349 670
------ ------ ------ ------
Closing customers at
period end 1,864 1,677 1,337 1,677
------ ------ ------ ------
Upsells during the period 635 643 496 1,139
------ ------ ------ ------
Blue Prism had 1,864 customers at 30 April 2020, an increase of 39% on the previous half year. Notable new logos included Huawei, Varma and the Australian Taxation Office. Customers typically start small, as new customers continue to be experimental in their initial deployments. The Group aims to build on its upselling success to unlock significant further value from these new customers via long-term retention and upselling.
During the period Blue Prism upsold 635 times into 373 customers, with upsells accounting for 60% of growth in the MRR. Within this the Group continued to deliver very strong upselling across its largest customers, with 32 of its top 50 enterprise customers by revenue upselling. This top 50 enterprise cohort of customers accounted for 36% of closing MRR in the half, demonstrating the continued scalability of the product amongst early adopters. The Group views the top 50 enterprise customers as a blueprint for the new and existing customer base.
Customer retention remained very strong, with very low revenue attrition from lost customers leading to a gross retention rate of 98% during the period, despite a challenging macro environment. Net revenue retention, which measures the net growth in MRR from customers at the beginning of the reporting period was 110%. This is a strong performance, in particular given the context of the headwinds from the COVID-19 pandemic environment.
[1] In light of the Thoughtonomy acquisition in 2019 the Group reviewed customer definitions for consistency and duplication of customers in both the Blue Prism and Thoughtonomy customer base. The 2019 opening customer number was adjusted by 21 to reflect this.
PEOPLE
People are critical to achieving the Group's growth strategies and across 2018 and 2019 significant investment was made into increasing headcount to enable the Group to respond to the market opportunity. 2020 was previously signalled as a year of consolidation of these investments.
NUMBER OF EMPLOYEES
BY GEOGRAPHY 1H20 FY19 1H19
------ -----
EMEA 529 502 336
--------------------- ====== ------ -----
Americas 322 336 242
--------------------- ====== ------ -----
APAC 159 163 125
--------------------- ====== ------ -----
Total 1,010 1,001 703
--------------------- ====== ------ -----
NUMBER OF EMPLOYEES
BY FUNCTION 1H20 FY19 1H19
------ -----
General & administrative 105 112 82
-------------------------- ====== ------ -----
Sales & marketing 542 559 411
-------------------------- ====== ------ -----
Professional services 214 191 139
-------------------------- ====== ------ -----
Product 149 139 71
-------------------------- ====== ------ -----
Total 1,010 1,001 703
-------------------------- ====== ------ -----
During the period the Group announced that Jason Kingdon's role would be expanded from Executive Chairman to Chairman and CEO, following Alastair Bathgate's resignation as CEO. The Board believe Jason's knowledge and experience, particularly in commercialising AI (artificial intelligence) will be a significant asset as the Group continues to grow.
Alastair Bathgate has now transitioned into an advisory role. He remains significant to the business in his role as a founder and will be engaged for expertise and perspectives on a consultancy basis as required.
PRODUCT
Blue Prism has focused on enterprise grade RPA from inception and was built on three core principles - that it is business led, controllable, and embeds intelligence. Adherence to these principles has delivered a product that is secure and scalable, particularly with regards to the number and frequency of transactions, and the complexity of processes that can be automated.
Blue Prism's connected-RPA is an intelligent RPA platform that combines advanced technologies with a community of experts, researchers and providers. Product development and R&D is focused on advancing connected-RPA via developments in human and digital interaction, investing into cloud capabilities and further embedding intelligence into the product.
The product's suitability to remote or distributed working has been highlighted by the COVID-19 pandemic, with core features of security, centralised control and shareable objects and process flows becoming even more applicable.
Blue Prism is available both on premise and in the cloud. Cloud capabilities were significantly enhanced by the acquisition of Thoughtonomy, the leading cloud-based RPA platform, in July 2019. Thoughtonomy has subsequently been rebranded as Blue Prism Cloud. Customers can now benefit from on premise, hybrid or full cloud base deployments, designed to adapt and evolve as they move through their own digital transformation strategies. The full customer base can also access several SaaS based capabilities, formerly exclusively part of Blue Prism Cloud. These include an improved control centre, extra human in the loop features and improved productivity tools.
The product team is now under the leadership of Ian Horobin, who joined from Rahko, a quantum machine learning business. The Group plans to prioritise investments towards product functions, to ensure the Digital Workforce continues to be market leading.
OUTLOOK
In response to the immediate impact of COVID-19 on growth rates, the unprecedented nature of the disruptions and the unknown timescales the Board withdrew guidance from the market in April 2020.
The Board is reassured by the MRR growth generated and strong retention rates in the first half, despite disruptions. However, the market environment remains too uncertain to accurately forecast the length and scale of impacts. As a result, the Board's guidance remains withdrawn.
The Board is comfortable reaffirming its commitment to reach cash break even during 2021.
Longer term the Board is encouraged by the COVID-19 response deployments it has seen, which it views as validating the Group's unique product stack and market opportunity in the enterprise RPA market.
TRADING PERFORMANCE
REVENUES
Recognised revenue for the period increased 70% to GBP68.5m (1H19: GBP40.4m). Blue Prism Cloud contributed GBP5.5m to the 1H20 recognised revenue.
Recurring revenue accounted for 98% of recognised revenue at GBP66.8m (1H19: 97%, at GBP39.3m).
Professional services, training and other revenue for the period was GBP1.7m (1H19: GBP1.1m).
The monthly exit run rate is the amount of recurring revenue recognised in the Group's income statement in the last month of the reporting period adjusted to reflect the full impact of work won in the month. The MRR recognised as at 30 April 2020 was GBP11.6m (1H19: GBP7.6m).
Recognised revenue by region were as follows:
1H20 1H19 % MOVEMENT
GBPM % OF TOTAL GBPM % OF TOTAL
---------- ===== =========== ----- -----------
EMEA 33.4 48% 18.8 47% 78%
---------- ===== =========== ----- ----------- -----------
Americas 26.5 39% 16.2 40% 64%
---------- ===== =========== ----- ----------- -----------
APAC 8.6 13% 5.4 13% 60%
---------- ===== =========== ----- ----------- -----------
Total 68.5 100% 40.4 100%
---------- ===== =========== ----- ----------- -----------
LOSS FROM OPERATIONS
The Group recorded a loss for the period (including share-based payments) of GBP(41.7)m, compared to GBP(35.0)m in 1H19. Adjusted EBITDA (which adds back share-based payments and associated taxes, depreciation, amortisation of intangible assets and interest) for the period was GBP(29.8)m (1H19 GBP(31.0)m) The operating costs associated with the Thoughtonomy business in the first half was GBP7.0m, this business was acquired in July 2019 so did not have an impact on 1H19.
Operating expenses were in the following categories
GBPm 1H20 1H19
General & Administrative 13 12
----- -----
Professional services 14 8
----- -----
Sales & Marketing 56 45
----- -----
Research & Development 8 4
----- -----
Depreciation & amortisation 3 -
----- -----
Share based payments 7 3
----- -----
Operating expenses 101 72
----- -----
Depreciation & amortisation in 1H20 includes costs relating to IFRS 16 Leases
CASH FLOW
Cash and cash equivalents at the period end were GBP90.8m (30 April 2019: GBP129.4m). The Group holds a further GBP50.0m on deposit maturing within the next 12 months making its net cash and short-term investments position GBP140.8m.
The Group raised gross proceeds of GBP100m (before expenses) via an equity issue, in new funding in April 2020 to provide significant balance sheet headroom in the event of prolonged disruptions relating to the COVID-19 pandemic, and to enable it respond to opportunities that may arise.
For the six months ended 30 April 2020 cash outflow from operating activities was GBP(31.2)m, an increase on outflows in the first half of 2019 (1H19: (GBP18.9)m) but a reduction on the outflow in the second half of 2019 (2H19: (GBP39.0)m). Deferred revenue has increased by GBP10.2m in the six-month period.
OTHER COMPREHENSIVE INCOME
During the period the translation of the overseas subsidiaries from their local currency into the Group's reporting currency resulted in other comprehensive loss of GBP2.9m (1H19: gain of GBP0.4m).
STATEMENT OF FINANCIAL POSITION
Deferred revenue was higher than the prior half year at GBP83.4m (1H19: GBP59.7m) in line with the growth of the business.
Trade and other receivables increased to GBP48.7m (1H19: GBP28.1m). This again was driven by the growth in the business.
During the period development costs of GBP0.9m (1H19: GBP0.2m) have been capitalised relating to product developments which will give rise to future economic benefits. These costs are being amortised over 18 months from the point the project becomes active.
PRINCIPAL RISKS & UNCERTAINTIES
In day to day operations the Group faces risks and uncertainties. The Board aim to mitigate and manage these risks by regularly reviewing and assessing these risks and identifying suitable strategies to minimise the risks. The risks and mitigation strategies are described in more detail in the Annual Report and Accounts and a summary of the key risks is presented below:
- Growth strategies and management - Dependence on channel partners - Software reliability and performance - Security breaches - Market and technological changes - Talent management - Uncertainty surrounding the COVID-19 pandemic - The United Kingdom's anticipated withdrawal from the European Union - Intellectual property
GLOSSARY OF METRICS REFERENCED
Exit monthly recurring revenue (MRR): The amount of recurring software licence revenue recognised in the Group's profit and loss account in the last month of the reporting period, adjusted to reflect the full impact of work won during the month
Net revenue retention: Measures the net growth in MRR from customers at the beginning of the reporting period
Gross revenue retention: MRR at the beginning of the period less MRR losses from lost customers divided by MRR at the beginning of the year, annualised
Jason Kingdon, Chairman and CEO
Ijoma Maluza, CFO
BLUE PRISM GROUP PLC
Company number: 052218840
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHSED 30 APRIL 2020
GBPM Note SIX MONTHSED SIX MONTHSED YEARED
30 APRIL 2020 30 APRIL 2019 31 OCTOBER
2019
(UNAUDITED) (UNAUDITED) (AUDITED)
Revenue 4 68.5 40.4 101.0
----- ----------------- ----------------- ------------
Cost of sales 5 (8.4) (3.4) (8.5)
----- ----------------- ----------------- ------------
Gross profit 60.1 37.0 92.5
----- ----------------- ----------------- ------------
Operating expenses (101.1) (71.6) (173.5)
----- ----------------- ----------------- ------------
Operating expenses before
share based payments (94.1) (68.3) (166.3)
----- ----------------- ----------------- ------------
Share based payments (7.0) (3.3) (7.2)
----- ----------------- ----------------- ------------
Net impairment losses on
financial assets (0.4) - (0.7)
----- ----------------- ----------------- ------------
Other operating income /
tax credits - - 0.3
----- ----------------- ----------------- ------------
Operating loss (41.4) (34.6) (81.4)
----- ----------------- ----------------- ------------
Interest received on bank
deposits 0.2 0.2 0.7
----- ----------------- ----------------- ------------
Finance costs (0.2) - -
----- ----------------- ----------------- ------------
Loss before income tax (41.4) (34.4) (80.7)
----- ----------------- ----------------- ------------
Tax (expense) / credit (0.3) (0.6) 2.5
----- ----------------- ----------------- ------------
Loss for the period (41.7) (35.0) (78.2)
----- ----------------- ----------------- ------------
Other comprehensive income
----- ----------------- ----------------- ------------
Exchange (losses) / gains
on translation of foreign
operations (2.9) 0.4 1.8
----- ----------------- ----------------- ------------
Total other comprehensive
(loss) / income (2.9) 0.4 1.8
----- ----------------- ----------------- ------------
Total comprehensive loss
for the year (44.6) (34.6) (76.4)
----- ----------------- ----------------- ------------
Basic and diluted loss per
share attributable to shareholders 7 (50.39) (48.72) (104.96)
----- ----------------- ----------------- ------------
BLUE PRISM GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2020
GBPM Note AT 30 APRIL AT 30 APRIL AT 31 OCTOBER
2020 (UNAUDITED) 2019 (UNAUDITED) 2019 (AUDITED)
Non-current assets
----- ------------------ ------------------ ----------------
Intangible assets 8 63.6 0.3 65.7
----- ------------------ ------------------ ----------------
Property, plant and equipment 9 6.1 1.2 1.6
----- ------------------ ------------------ ----------------
Cost to obtain contract
assets 11 15.8 11.8 16.0
----- ------------------ ------------------ ----------------
Total non-current assets 85.5 13.3 83.3
----- ------------------ ------------------ ----------------
Current assets
----- ------------------ ------------------ ----------------
Cost to obtain contract
assets 11 11.9 7.4 12.2
----- ------------------ ------------------ ----------------
Corporation tax receivable 0.9 - 1.0
----- ------------------ ------------------ ----------------
Trade and other receivables 10 48.7 28.1 44.3
----- ------------------ ------------------ ----------------
Cash and cash equivalents 15 90.8 129.4 45.5
----- ------------------ ------------------ ----------------
Short term investments 15 50.0 - 28.6
----- ------------------ ------------------ ----------------
Total current assets 202.3 164.9 131.6
----- ------------------ ------------------ ----------------
Total assets 287.8 178.2 214.9
----- ------------------ ------------------ ----------------
Current liabilities
----- ------------------ ------------------ ----------------
Trade and other payables 12 40.0 24.7 41.9
----- ------------------ ------------------ ----------------
Deferred revenue 11 73.9 53.7 67.3
----- ------------------ ------------------ ----------------
Deferred consideration 13 4.4 - 4.3
----- ------------------ ------------------ ----------------
Total current liabilities 118.3 78.4 113.5
----- ------------------ ------------------ ----------------
Non-current liabilities
----- ------------------ ------------------ ----------------
Other payables 12 3.1 - -
----- ------------------ ------------------ ----------------
Deferred revenue 11 9.5 6.0 5.9
----- ------------------ ------------------ ----------------
Total non-current liabilities 12.6 6.0 5.9
----- ------------------ ------------------ ----------------
Total liabilities 130.9 84.4 119.4
----- ------------------ ------------------ ----------------
Net assets 156.9 93.8 95.5
----- ------------------ ------------------ ----------------
Equity attributable to
shareholders
----- ------------------ ------------------ ----------------
Called up share capital 14 2.0 1.8 1.9
----- ------------------ ------------------ ----------------
Share premium 250.4 148.7 150.3
----- ------------------ ------------------ ----------------
Shares to be issued 26.2 - 26.2
----- ------------------ ------------------ ----------------
Other reserve 13.8 - 13.8
----- ------------------ ------------------ ----------------
Merger reserve 0.4 0.4 0.4
----- ------------------ ------------------ ----------------
Foreign exchange reserve (1.5) - 1.4
----- ------------------ ------------------ ----------------
Share based payment reserve 17.8 7.2 11.8
----- ------------------ ------------------ ----------------
Accumulated losses (152.2) (64.3) (110.3)
----- ------------------ ------------------ ----------------
Net equity 156.9 93.8 95.5
----- ------------------ ------------------ ----------------
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30 APRIL 2020
GBPM Note SIX MONTHS SIX MONTHS YEAREDED 30 APRILED 30 APRIL
2020 2019
(UNAUDITED) (UNAUDITED) 31 OCTOBER
2019
(AUDITED)
Cash flows from operating
activities
----- ---------------- ---------------- ------------
Loss after tax (41.7) (35.0) (78.2)
----- ---------------- ---------------- ------------
Adjustments for:
----- ---------------- ---------------- ------------
Amortisation of intangible
fixed assets 3.0 0.1 1.8
----- ---------------- ---------------- ------------
Depreciation of property,
plant and equipment 1.6 0.2 0.5
----- ---------------- ---------------- ------------
Loss on disposal of property,
plant and equipment - - 0.2
----- ---------------- ---------------- ------------
Finance income (0.2) (0.2) (0.7)
----- ---------------- ---------------- ------------
Finance costs 0.2 - -
----- ---------------- ---------------- ------------
Share-based payment expense 6.0 3.0 7.6
----- ---------------- ---------------- ------------
Income tax expense/(credit) 0.3 0.6 (2.5)
----- ---------------- ---------------- ------------
(30.8) (31.3) (71.3)
----- ---------------- ---------------- ------------
(Increase)/Decrease in trade
and other receivables (7.5) 2.9 (11.5)
----- ---------------- ---------------- ------------
Decrease/(Increase) in cost
to obtain contract assets 0.7 (7.0) (16.0)
----- ---------------- ---------------- ------------
(Decrease)/Increase in trade
and other payables (3.8) 5.0 18.5
----- ---------------- ---------------- ------------
Increase in deferred revenue 10.2 11.8 22.8
----- ---------------- ---------------- ------------
Cash used in operations (31.2) (18.6) (57.5)
----- ---------------- ---------------- ------------
Income taxes paid - (0.3) (0.4)
----- ---------------- ---------------- ------------
Net cash outflows from operating
activities (31.2) (18.9) (57.9)
----- ---------------- ---------------- ------------
Investing activities
----- ---------------- ---------------- ------------
Payment of software development
costs (0.9) (0.2) (4.6)
----- ---------------- ---------------- ------------
Purchase of property, plant
and equipment (0.3) (0.5) (1.3)
----- ---------------- ---------------- ------------
Investment in short term investments (21.4) - (28.6)
----- ---------------- ---------------- ------------
Acquisition of Thoughtonomy,
net of cash acquired - - (10.4)
----- ---------------- ---------------- ------------
Interest received 0.2 0.2 0.7
----- ---------------- ---------------- ------------
Net cash used in investing
activities (22.4) (0.5) (44.2)
----- ---------------- ---------------- ------------
Financing activities
----- ---------------- ---------------- ------------
Issue of ordinary shares 103.1 101.3 103.1
----- ---------------- ---------------- ------------
Issue costs (2.9) (2.8) (2.8)
----- ---------------- ---------------- ------------
Repayment of lease liabilities (1.1) - -
----- ---------------- ---------------- ------------
Interest on lease liabilities (0.1) - -
----- ---------------- ---------------- ------------
Repayment of bank loan - - (2.5)
----- ---------------- ---------------- ------------
Net cash from financing activities 99.0 98.5 97.8
----- ---------------- ---------------- ------------
Net increase in cash and cash
equivalents 45.4 79.1 (4.3)
----- ---------------- ---------------- ------------
Cash and cash equivalents
at the beginning of the period 45.5 50.5 50.5
----- ---------------- ---------------- ------------
Effect of foreign exchange
on cash & cash equivalents (0.1) (0.2) (0.7)
----- ---------------- ---------------- ------------
Cash and cash equivalents
at end of period 15 90.8 129.4 45.5
----- ---------------- ---------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 30 APRIL 2020
SHARE SHARE SHARE SHARESS OTHER FOREIGN MERGER ACCUMULATED TOTAL
CAPITAL PREMIUM BASED TO RESERVES EXCHANGE RESERVE LOSSES EQUITY
GBPM GBPM PAYMENT BE ISSUED GBPM RESERVE GBPM GBPM GBPM
RESERVE GBPM GBPM
GBPM
Equity
at 31 October
2019 as
originally
presented
(Audited) 1.9 150.3 11.8 26.2 13.8 1.4 0.4 (110.3) 95.5
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Adjustment
on initial
application
of IFRS
16 - - - - - - - (0.2) (0.2)
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Comprehensive
income
for the
period
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Loss - - - - - - - (41.7) (41.7)
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Other
comprehensive
income - - - - - (2.9) - - (2.9)
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Total
comprehensive
income
for the
period - - - (2.9) (41.7) (44.6)
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Contributions
by and
distributions
to owners
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Exercise
of options - 3.1 - - - - - - 3.1
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Issue of
shares 0.1 99.9 - - - - - - 100.0
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Cost of
share issue - (2.9) - - - - - - (2.9)
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Share based
payments - - 6.0 - - - - - 6.0
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
Equity
as at 30
April 2020
(Unaudited) 2.0 250.4 17.8 26.2 13.8 (1.5) 0.4 (152.2) 156.9
--------- --------- --------- ---------- --------- --------- --------- ------------ ---------
1 Accounting policies
Basis of preparation
The principal accounting policies adopted in the preparation of the consolidated financial statements are set out below. The policies have been consistently applied to all the years presented, unless otherwise stated.
These interim financial statements are for the six months ended 30 April 2020. They have been prepared on a going concern basis and in accordance with IAS 34, Interim Financial Reporting as adopted in the European Union. They do not include all of the information required for full annual financial statements, and should be read in conjunction with Blue Prism Group Plc's audited financial statements for the year ended 31 October 2019.
The financial information for the year ended 31 October 2019 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 October 2019 have been filed with the Registrar of Companies and can be found on the Group's website. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498(2) or Section 498(3) of the Companies Act 2006.
The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements and their effect are disclosed in note 2.
All figures presented are rounded to the nearest GBPm to 1 decimal place, unless stated otherwise.
Going concern
The Directors have a reasonable expectation that there are no material uncertainties that cast significant doubt about the Groups's ability to continue in operation and meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of the interim financial statements. The Directors recognise that the COVID-19 pandemic does create risks and uncertainties. The Group raised gross proceeds of GBP100.0m via an equity issue in April 2020 to provide significant headroom in the event of prolonged disruptions relating to the COVID-19 pandemic.
The Directors consider the strong statement of financial position, with good cash reserves and working capital, provide ample liquidity. Accordingly, the Group has prepared the interim report on a going concern basis.
New or amended accounting standards
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 October 2019 as described in the annual financial statements with the exception of the adoption of IFRS 16 'Leases', the impact of which has been detailed below.
a) New standards, interpretations and amendments effective from 1 November 2019
IFRS 16 Leases
IFRS 16 Leases has replaced IAS 17 Leases for the year commencing 1 November 2019.
The new standard will impact the accounting for leases in which the Group is the lessee. The Group previously accounted for these leases as operating leases, with rentals payable charged to the income statement on a straight-line basis as an operating expense. Under the new standard, the Group recognises additional lease assets and lease liabilities on the statement of financial position to account for the right to use the leased items and the obligation to make future lease payments. The costs of the leases are recognised in the income statement split between depreciation of the lease asset and a finance charge on the lease liability.
The Group elects to apply the exemptions available for short-term leases with a lease term of 12 months or less and leases of low value. The Group has adopted the modified retrospective method with no restatement of prior period numbers and a right of use asset equal to the lease liability plus or minus any prepayment or accrual will be recognised. As a practical expedient the recognition exemption for leases with a remaining term of less than 12 months from the adoption date was applied upon adoption.
Statutory Impact Statutory
as reported of IFRS under
under IFRS 16 IAS 17
16
GBP'm GBP'm GBP'm
Operating expenses (101.1) 0.1 (101.2)
Operating loss (41.4) 0.1 (41.5)
Finance cost (0.1) (0.1) -
Loss before income
tax (41.4) - (41.4)
On transition During the Total impact
to IFRS period ended
16 at 1 30 April 2020
November
2019
GBP'm GBP'm GBP'm
Non-current assets
Property, plant and
equipment 5.8 (1.1) 4.7
Total non-current assets 5.8 (1.1) 4.7
Current liabilities
Trade and other payables (1.8) - (1.8)
Total current liabilities (1.8) - (1.8)
Non-current liabilities
Other payables (4.2) 1.1 (3.1)
Total non-current liabilities (4.2) 1.1 (3.1)
Net assets (0.2) 0.0 (0.2)
-------------- --------------- -------------
Total equity 0.2 0.0 0.2
-------------- --------------- -------------
b) New standards, interpretations and amendments not yet effective
A number of new standards, amendments and interpretations are effective for periods beginning on or after 1 November 2020 and have not yet been applied in preparing these financial statements.
-- Amendments to References to Conceptual Framework in IFRS Standards -- Definition of Material (Amendments to IAS 1 and IAS 8) -- Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7)
The directors do not believe they will have a material impact on the Group.
Basis of consolidation
The consolidated financial statements present the results of the company and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The financial statements of the Group have been prepared on a going concern basis and in accordance with International Financial Reporting Standards ('IFRS') and their interpretations which have been issued by the International Accounting Standards Board ('IASB'), as adopted by the European Union. They have also been prepared with those parts of the 2006 Companies Act applicable to companies reporting under IFRS.
Revenue recognition
Licence and support revenue
Software licence revenue represents fees earned from the licence of our software to customers. Licences of our product are delivered by providing our customers with a licence key that enables them to access the software.
The performance obligations inherent in a licence sale include the delivery of a licence key in addition to maintenance, standard support, and upgrades over the licence term. A portion of revenue from licences is recognised at the point in time that the licence key is delivered. The remaining revenue is recognised on a straight line over the licence term as the other performance obligations are satisfied.
Software support revenue represents fees earned from providing customers with support services at standard and premium rates, which includes unspecified future software updates and upgrades. Upgrades are released at multiple points throughout the year as available. These benefits are received and consumed over the contract term. Revenues from upgrade and support services are recognised on a straight line over the contract term.
Revenue in respect of the licence performance obligation is recognised for the full contract term at contract inception. Revenue for upgrades and support and maintenance are recognised on a straight line basis over the contract term.
Revenue from SaaS cloud offerings where the Group's performance obligation is the grant of a right to continuously access a cloud offering for a certain term is recognised based on time elapsed and thus rateably over the term.
Professional services and training
Professional services and training revenue are typically recognised over time. Where the Group stands ready to provide the service (such as access to learning content), revenue is recognised based on time elapsed and thus rateably over the service period. Consumption-based services, for example separately identifiable professional services, are recognised over time as the services are utilised, typically following the percentage-of-completion method or rateably.
Sponsorship and other revenue
Revenue is recognised from Blue Prism World events. This mainly relates to sponsorship revenue received from various partners and external organisations participating in the events. Revenue is recognised at the time of the event taking place.
Cost of sales
Cost of sales includes the amortisation of research and development costs in respect of product upgrades and the amortisation of cost to obtain contract asset costs in respect of sales commission paid to sales personnel. Costs which are incremental to sales and IFRS 15 performance obligations are included in cost of sales. It also includes direct costs associated with the provision of cloud services.
Costs of obtaining customer contracts
The Group incurs certain costs to obtain customer contracts in the form of commissions paid to sales employees. The commission costs of obtaining any contract with a customer are recognised as an asset on the statement of financial position. They are then subsequently amortised over the period during which the related revenue is recognised, with the cost reflected in cost of sales. Other directly attributable costs are expensed as incurred.
Billing arrangements
The Group bills licence and support annually in advance. Professional services, training, sponsorship and other revenue is billed in line with contractual arrangements. In the event that the Group invoiced in advance for the full contract term and if this were greater than one year, consideration would be given as to whether there was a financing component of the given contract.
Foreign currency
The consolidated financial statements are presented in sterling, which is the functional currency of the Group and the presentation currency for the consolidated financial statements.
Foreign currency transactions are recorded at the rates of exchange prevailing on the dates of the transactions. Foreign currency monetary items are translated at the rates prevailing at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlements of monetary items and on the retranslation of monetary items are included in profit or loss for the period.
The assets and liabilities of the Group's subsidiaries outside the UK are translated into sterling using period-end exchange rates. Income and expense items are translated at the average exchange rates for the period. Where differences arise between these rates, they are recognised in other comprehensive income and the foreign exchange reserve.
Trade receivables
Trade receivables are amounts due from customers for services provided in the ordinary course of business. These are stated net of any provision for impairment. Impairment provisions are recognised when there is objective evidence that the Blue Prism Group will be unable to collect all of the amounts due. The amount of such a provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. Refer to Impairment of finance assets for further detail.
Cash and cash equivalents
Cash and cash equivalents includes cash and deposits with banks, and other short term highly liquid investments with original maturities of three months or less.
Cash and cash equivalents are held for the purpose of meeting short term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent, it must be readily convertible to a known amount of cash and be subject to an insignificant risk of changes in value.
Short term investments
Short term investments on deposit with longer term maturities are classified as short term investments and are readily available if the interest earnt is waived.
Financial assets
The Group classifies its financial assets in the following categories:
(i) Fair value through profit and loss (FVTPL), (ii) Financial assets at amortised cost and (iii) Fair value through other comprehensive income (FVTOCI).
The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. At each statement of financial position date included in the financial information, the Group held only items classified as financial assets at amortised cost.
The Group's financial assets measured at amortised cost comprise trade and other receivables, cash and cash equivalents, and short term investments in the consolidated statement of financial position.
Impairment of financial assets
Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses (ECLs). During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within net impairment losses on financial assets in the consolidated statement of comprehensive income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. In addition to the ECL method, a specific provision is recognised for trade receivables that are considered doubtful after a detailed review of the ledger.
The expected loss rates are based on the Group's historical credit losses experienced over the last period prior to the period end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group's customers.
Impairment provisions for other receivables are recognised based on the general impairment model within IFRS 9. Under the General approach, at each reporting date, the Group determines whether there has been a significant increase in credit risk since initial recognition and whether the receivable is credit impaired. This determines whether the receivable is in Stage 1, Stage 2 or Stage 3, which in turn determines the amount of ECL to be recognised i.e. 12-month ECL or Lifetime ECL.
Financial liabilities
Financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
All financial liabilities are recognised initially at fair value plus directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method other than those categorised as fair value through income statement.
Share capital and share premium
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Where equity settled share options or awards are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the consolidated statement of comprehensive income is charged with the fair value of goods and services received.
Where employers' social security is liable on the exercise of a share option or award, an estimate of the amount due is accrued over the expected exercise period. The accrual is then reviewed and amended at each subsequent statement of financial position date under IFRS 2.
Defined contribution pension schemes
Contributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive income in the year to which they relate.
Leased assets
Where the Group identifies a contract containing a lease, being 'right to use an asset (the underlying asset) for a period of time in exchange for consideration', it recognises a right-of-use-asset and a lease liability on the statement of financial position.
At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or an estimate of the Group's incremental borrowing rate.
The right-of-use asset is initially measured at the same value as the lease liability. The Group depreciates the right-of-use asset on a straight-line basis from the lease commencement date to the end of the lease term.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset.
The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term. On the statement of financial position, right-of-use assets have been included in property, plant and equipment and lease liabilities have been included in trade and other payables.
Deferred taxation
Deferred tax is recognised in respect of relevant temporary differences that have originated but not reversed at the Statement of financial position date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. The deferred tax assets and liabilities are not discounted.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Property, plant and equipment
Property, p lant and equipment are stated at cost less accumulated depreciation and impairment losses, if any. The cost of an item of property, plant and equipment initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is calculated under the straight-line method to write off the depreciable amount of the assets over their estimated useful lives. The principal annual rates used for this purpose are:-
- Computer equipment - straight line over 3 years - Fixtures and fittings - straight line over 5 years - Leasehold improvements - straight line over 5 years
Research and development expenditure
Research expenditure is recognised as an expense when it is incurred.
Criteria for recognition of software development costs
Internally-generated RPA development costs qualify for capitalisation when Blue Prism can demonstrate all the following:
-- The technical feasibility of completing the intangible asset so that it will be available for use or sale;
-- Its intention to complete the intangible asset and use or sell it; -- Its ability to use or sell the intangible asset; -- How the intangible asset will generate probable future economic benefits;
-- The existence of a market or, if it is to be used internally, the usefulness of the intangible asset;
-- The availability of adequate technical, financial and other resources to complete the development and to
use or sell the intangible asset;
-- Its ability to measure reliably the expenditure attributable to the intangible asset during development.
Generally, commercial viability of new RPA innovations and product enhancements is not proven until development issues have been resolved through testing pre-launch versions. Blue Prism assesses the eligibility of development costs for capitalisation on a project-by-project basis.
Development costs which are incurred after the release of internally-generated RPA or costs which are incurred in order to enhance existing RPA products are expensed in the period in which they are incurred and included within research and development expense in the consolidated statement of profit or loss and other comprehensive income.
Where indications of impairment of intangible assets are identified by management, an impairment review is undertaken.
Amortisation of intangible assets
Amortisation is charged to the income statement on a straight-line basis over the estimated useful life of internally generated RPA. The Group currently has intangible assets with finite lives excluding goodwill.
The estimated useful life of intangible assets are:-
- 18 months to 2 years for internally generated RPA development assets - 5 years for technology assets acquired in the business combination with Thoughtonomy - 10 years for customer relationships acquired in the business combination with Thoughtonomy
Business combinations
When the Group completes a business combination, the consideration transferred for the acquisition and the identifiable assets and liabilities acquired are recognised at their fair values. The amount by which the consideration exceeds the net assets acquired is recognised as goodwill. The application of accounting policies to business combinations involves the use of estimates.
During the prior year, the Group acquired Thoughtonomy Ltd and its subsidiary, Thoughtonomy Inc.
Estimates were required in the measurement of the deferred consideration payable as part of the acquisition.
Where intangible assets have been separately identified and valued as part of the acquisition, these have been distinguished on the Statement of financial position and amortised over their estimated useful life.
Goodwill and intangible impairment
Goodwill is the excess of consideration over the net assets at acquisition. It is tested for impairment annually.
Intangible assets with finite useful lives will be assessed for indicators of impairment and where identified a detailed impairment assessment will be carried out.
Research and development taxation credits
Tax credits for research and development activities relate to government tax incentives in certain operating territories. The tax credits are recognised within other operating income when the tax credits are received by the Group.
2 Key accounting estimates and judgements
The Group makes certain estimates and judgements regarding the future which are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and judgements. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Revenue recognition
Under IFRS 15, management identified three performance obligations including the software licence, upgrades and support. Upgrades are deemed a separate performance obligation as they are not considered to be transformative and the software licence has stand alone value.
In the absence of directly observable and stand-alone selling prices for each of the performance obligations, estimates must be made. Management's judgement is that due to the nature of the product and the relationship between Blue Prism and its customers the upgrade performance obligation accounts for a significant portion of the allocations of the stand-alone selling price. The allocation between the performance obligations is estimated by looking at margins on each individual obligation and where possible compared against comparable businesses. These are then adjusted where appropriate to better reflect the situational aspects of Blue Prism, where it is as a business in its lifecycle, and to take into account specifics of the business as a whole.
Cost to obtain contract assets
Cost to obtain contract assets primarily consists of sales commissions earned by the Group's sales personnel.
The capitalised assets are amortised on a straight line basis over the period during which the related revenue is recognised.
The amortisation periods depend on the period of the contract but are typically three years. Amortisation of the cost to obtain contract assets is reported within cost of sales.
Research and development
Under IAS 38, Research and development costs, internally generated technology should be capitalised if the capitalisation criteria are met. Estimates are made with regard to assessing the expected future economic benefits, the economic useful life and the level of completion of the asset. Under IAS 38, at the point where activities no longer relate to development but to maintenance, capitalisation is to be discontinued.
The key judgements here are defining the cut-off point between when research ends and development starts, and reliably measuring the expenditure attributable to the asset. An assessment is made when looking at the costs incurred and criteria for development costs, including the commercial and technical viability of the costs being assured. The main costs attributed to research and development costs is that of payroll, with research and development team tasked with other aspects of quality assurance, customer support, project management, along with other tasks.
Goodwill and intangible asset impairment testing
A key judgement is the ongoing appropriateness of the cash-generating units ("CGUs") for the purpose of impairment testing. The carrying value of intangibles is reviewed for impairment whenever events indicate that the carrying value may not be recoverable.
Goodwill of GBP39.9m is recognised in the Group's consolidated statement of financial position at 31 October 2019 in respect of Thoughtonomy. In addition to goodwill, other intangible assets of GBP21.9m are recognised within the Thoughtonomy CGU at 31 October 2019. The main intangible assets recognised as a result of the Thoughtonomy acquisition are technology assets and customer relationships. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives.
The recoverable amount of the Thoughtonomy CGU is determined as the higher of its fair value less costs of disposal and its value in use. In determining value in use, consideration needs to be given to future cash flows discounted to their present value.
The acquisition is within the hindsight period and so any changes to the purchase price accounting will be recorded in the financial statements for the year ending 31 October 2020. At 30 April 2020, management has reviewed both the cash flows prepared at the time of acquisition, the budget for the year ending 31 October 2020 and the performance against budget to the 30 April 2020. As part of the acquisition accounting a purchase price allocation exercise had been undertaken and the forecasts and judgements included as part of this exercise remain unchanged. There have been no changes to any of the key assumptions on which management has based its determination of the valuation of Thoughtonomy assets and liabilities. As at 30 April 2020 there have been no adjustments identified that would result in a change to the basis of valuation.
Adoption of IFRS 16 Leases
Operating lease contracts were recognised in the Statement of financial position by recognising right-of-use assets and corresponding lease liabilities at the transition date. In general, a corresponding right of-use asset was recognised for an amount equal to each lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to the specific lease contract, as recognised in the Statement of financial position.
At the transition date, the remaining lease payments were discounted, as required under the transition approach chosen, using the incremental borrowing rate as per the transition date of 1 November 2019. To determine the incremental borrowing rate a number of external and internal sources were considered and a suitable rate was determined. A practical expedient was applied to use the same incremental borrowing rate across the portfolio of leases due to the similar characteristics shared by most. The majority of leases relate to commercial office premises.
3 Financial instruments - Risk management
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.
There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.
Capital risk management
The Group manages its capital to ensure that all Group entities will be able to continue on a going concern basis while maximising its long term return to shareholders. The capital structure of the Group consists of Company equity only, comprising issued capital, share premium, reserves and retained earnings. The Group is not exposed to any externally imposed capital requirements and has no borrowings.
Financial instruments by category
Financial assets
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Trade receivables 42.5 20.4 34.7
Other debtors 1.4 1.6 3.1
Cash and cash equivalents 90.8 129.4 45.5
Short term investments 50.0 - 28.6
______ ______ ______
Total financial assets 184.7 151.4 111.9
______ ______ ______
Financial liabilities
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Trade and other payables 5.8 5.7 9.9
Accruals and other payables 27.7 17.5 28.3
Lease liabilities 5.0 - -
Deferred consideration 4.4 - 4.3
______ ______ ______
Total financial liabilities 42.9 23.2 42.5
______ ______ ______
General objectives, policies and processes
The Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy to assess the credit risk of new customers before entering contracts.
The Board has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment and delivery terms and conditions are offered. The Group's review includes external ratings, when available.
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with minimum rating "A" are accepted.
Further disclosures regarding trade and other receivables, which are neither past due nor impaired, are provided in note 10.
Cash at bank and short-term deposits
The Group's cash is held on deposit with the Group's principal bankers.
Foreign exchange risk
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency, with the cash generated from their own operations in that currency. Where group entities have liabilities denominated in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already denominated in that currency will, where possible, be transferred from elsewhere within the Group.
During the year the Group's potential exposure to currency risk has increased due to the increased level of business in the US. The Group is predominantly exposed to currency risk on the balances held in working capital within the Group and the exposure is concentrated therefore in the movement of the US dollar against Sterling. The effect of a strengthening and weakening of 10% of the US dollar against Sterling at the reporting date on the working capital balances held at this date, on the basis that all other variables remained constant, would have resulted in the following pre-tax profit or (loss) impact for the year as follows:
10% strengthening 10% weakening
GBP'm GBP'm
US dollar to sterling 1.2 (1.2)
Liquidity risk
Liquidity risk arises from the Group's management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due.
The Group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 90 days.
The maximum exposure to liquidity risk is the trade payables and sales introduction commissions accrued at the period end, these are all current and expected to be settled within 90 days of the period end.
The Board receives rolling 12-month cash flow projections on a monthly basis as well as information regarding cash balances. At the period end, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances for at least 12 months from the date of signing these financial statements.
4 Segmental Analysis
The Group has one operating segment being the licensing of Robotic Process Automation (RPA) software used to automate routine, rules-based back office processes.
The Group operates across three regions: EMEA, The Americas and APAC. The chief operating decision maker, the Board of Directors only monitors revenue on this basis. Business performance is otherwise monitored by reference to total results against budget. Revenue for each of the geographical areas is as follows:
6 months 6 months 12 months
ending ending ending
30 30 31
April April 2019 October
2020 2019
GBP'm GBP'm GBP'm
Revenue from EMEA Operations 33.4 18.8 47.5
Revenue from The Americas Operations 26.5 16.2 40.9
Revenue from APAC Operations 8.6 5.4 12.6
_______ _______ _______
Total 68.5 40.4 101.0
_______ _______ _______
Revenues from significant regions within
the group:
6 months 6 months 12 months
ending 30 ending 30 ending 31
April 2020 April 2019 October
2019
GBP'm GBP'm GBP'm
UK 17.2 9.7 23.5
US 21.0 12.9 32.8
Europe 14.3 8.1 21.8
Canada 4.5 2.5 6.2
APAC 4.9 3.1 7.3
ANZ 3.6 2.3 5.3
Rest of the world 3.0 1.8 4.1
_______ _______ _______
Total 68.5 40.4 101.0
_______ _______ _______
The Group derives revenue from three sources, over time and at a point in time, in the following major categories:
6 months 6 months 6 months 6 months 12 months 12 months
ending ending ending ending ending ending 31
30 30 30 30 31 October
April April April 2019 April 2019 October 2019
2020 2020 2019
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
Timing of revenue recognition Over time At a point Over time At a point Over time At a point
in time in time in time
Licence and support 63.0 3.8 35.5 3.8 92.4 4.2
Professional services
and training 1.7 - 1.1 - 2.6 -
Sponsorship and other
revenue - - - - - 1.8
_______ _______ _______ _______ _______ _______
Total 64.7 3.8 36.6 3.8 95.0 6.0
_______ _______ _______ _______ _______ _______
Assets, liabilities and sources of revenue are not analysed by geography as the business performance measure utilised by the chief operating decision maker, the Board of Directors, is the total business as disclosed result. These results are shown within the primary statements.
There are no customers who generate 10% or more of the Group's revenues.
5 Cost of sales
6 months 6 months 12 months
ending 30 ending 30 ending 31
April 2020 April 2019 October
2019
GBP'm GBP'm GBP'm
Amortisation of cost to obtain contract
assets 6.0 3.3 7.6
Amortisation of development asset 1.4 0.1 0.9
Direct cloud costs 1.0 - -
_______ _______ _______
Total cost of sales 8.4 3.4 8.5
_______ _______ _______
Amortisation of cost to obtain contract assets and of development assets totalling GBP3.4m has been re-presented from operating expenses to cost of sales in the comparative information for the six months ended 30 April 2019.
6 Staff costs
6 months 6 months 12 months
ending 30 ending 30 ending 31
April 2020 April 2019 October
2019
GBP'm GBP'm GBP'm
Staff costs (including directors emoluments)
expensed in the period comprise:
Wages and salaries 56.4 38.8 80.9
Social security contributions and
similar taxes 5.8 4.5 8.8
Share-based payment expense 7.0 3.3 7.2
Pension costs 1.7 0.8 2.1
Other staff costs 2.4 6.2 8.2
_______ _______ _______
Total staff costs 73.3 53.6 107.2
_______ _______ _______
Staff costs include sales introduction commissions in the amount of GBP4.1m (2019: GBP3.8m) relating to guaranteed and non-capitalisable sales commission. A further GBP5.0m (2019: GBP3.3m) of sales commission has been capitalised as a cost to obtain contract asset and is amortised over the life of the contract as disclosed in Note 11.
Staff costs relating to intangible asset development of GBP0.9m (2019: GBP0.1m) have also been capitalised as disclosed in Note 8.
Average monthly number of employees (including Directors) during the period:
6 months
ending 6 months
30 ending 12 months
April 30 ending 31
2020 April 2019 October 2019
Number Number Number
Directors* 6 6 6
Staff
Administration 98 65 89
Sales and marketing 541 415 488
Technical services 360 125 151
_______ _______ _______
1,005 611 734
_______ _______ _______
*Directors denotes the average number of Blue Prism Group plc Directors including 3 non- executive directors.
7 Basic and diluted loss per share
12 months
6 months 6 months ending 31
ending 30 ending 30 October
April 2020 April 2019 2019
Numerator GBP'm GBP'm GBP'm
Loss for the period and earnings used
in basic EPS (41.7) (35.0) (78.2)
Denominator '000 '000 '000
Weighted average number of shares
used in basic EPS 82,747 71,834 74,499
_______ _______ _______
Basic and diluted weighted losses
per share (pence) (50.39) (48.72) (104.96)
_______ _______ _______
8 Intangible assets
Customer Development
Goodwill relationships Technology asset Total
GBP'm GBP'm GBP'm GBP'm GBP'm
Cost
At 1 November 2018 - - - 0.3 0.3
Additions - - - 4.6 4.6
Acquired in business
combinations 39.9 12.6 10.2 - 62.7
----------- --------------- ------------- ------------ --------
At 31 October 2019 39.9 12.6 10.2 4.9 67.6
=========== =============== ============= ============ ========
At 1 November 2019 39.9 12.6 10.2 4.9 67.6
Additions - - - 0.9 0.9
----------- --------------- ------------- ------------ --------
At 30 April 2020 39.9 12.6 10.2 5.8 68.5
=========== =============== ============= ========
Accumulated amortisation and impairment GBP'm
At 1 November 2018 - - - 0.1 0.1
Amortisation - 0.3 0.6 0.9 1.8
----------- --------------- ------------- ------------ --------
At 31 October 2019 - 0.3 0.6 1.0 1.9
=========== =============== ============= ============ ========
At 1 November 2019 - 0.3 0.6 1.0 1.9
Amortisation - 0.6 1.0 1.4 3.0
----------- --------------- ------------- ------------ --------
At 30 April 2020 - 0.9 1.6 2.4 4.9
=========== =============== ============= ============ ========
Net book value
At 31 October 2018 - - - 0.2 0.2
At 31 October 2019 39.9 12.3 9.6 3.9 65.7
At 30 April 2020 39.9 11.7 8.6 3.4 63.6
=========== =============== ============= ============ ========
On 17 July 2019, the Group acquired 100% of the share capital of the Thoughtonomy group.
Goodwill arose on the acquisition of the Thoughtonomy group during the previous financial year.
The technology relates to the work performed by the Thoughtonomy group to date, to develop the platform used to deploy the products and services offered by the group.
The customer relationships arose on the long term contracts subscribed directly by customers or by third parties.
Any changes to the purchase price accounting will be reflected in the hindsight period and recorded in the financial statements for the year ending 31 October 2020.
Amortisation of GBP1.4m (2019: GBP0.1m) is included in cost of sales and GBP1.6m (2019: GBPnil) is included in operating expenses.
9 Property, plant and equipment
Computer Leasehold Fixtures Right of
and use
equipment improvements fittings assets Total
GBP'm GBP'm GBP'm GBP'm GBP'm
Cost
At 1 November 2018 1.1 0.1 0.1 - 1.3
Additions 0.8 0.1 0.4 - 1.3
Acquired in business
combinations 0.1 - - - 0.1
Disposals (0.5) - - - (0.5)
_______ _______ _______ _______ _______
At 31 October 2019 1.5 0.2 0.5 - 2.2
_______ ______ _______ _______ _______
At 1 November 2019 1.5 0.2 0.5 - 2.2
Adjustment on transition
to IFRS 16 - - - 5.8 5.8
Additions 0.2 0.1 - - 0.3
Disposals - - - - -
_______ _______ _______ _______ _______
At 30 April 2020 1.7 0.3 0.5 5.8 8.3
_______ _______ _______ _______ _______
Accumulated depreciation GBP'm GBP'm GBP'm GBP'm GBP'm
and impairment
At 1 November 2018 0.4 - - - 0.4
Depreciation 0.4 - 0.1 - 0.5
Disposals (0.3) - - - (0.3)
_______ _______ _______ _______ _______
At 31 October 2019 0.5 - 0.1 - 0.6
_______ _______ _______ _______ _______
At 1 November 2019 0.5 - 0.1 - 0.6
Depreciation 0.3 0.1 0.1 1.1 1.6
Disposals - - - - -
_______ _______ _______ _______ _______
At 30 April 2020 0.8 0.1 0.2 1.1 2.2
_______ _______ _______ _______ _______
Net book value
At 31 October 2018 0.7 0.1 0.1 - 0.9
At 31 October 2019 1.0 0.2 0.4 - 1.6
At 30 April 2020 0.9 0.2 0.3 4.7 6.1
_______ _______ _______ _______ _______
10 Trade and other receivables
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Trade receivables 43.5 20.6 35.4
Less: provision for impairment of
trade receivables (1.0) (0.2) (0.7)
_______ _______ _______
Trade receivables - net 42.5 20.4 34.7
Prepayments 4.0 5.9 6.5
Accrued revenue 0.7 0.2 0.6
Other taxes 0.2 - 0.5
Accrued interest 0.1 - 0.2
Other receivables 1.2 1.6 1.8
_______ _______ _______
Total trade and other receivables 48.7 28.1 44.3
_______ _______ _______
As at 30 April 2020 trade receivables of GBP18.9m were past due but not impaired. They relate to customers with no default history. An impairment charge of GBP0.4m (6 months ending 30 April 2019: GBP0.1m) was recognised in the period relating to aged receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and cost to obtain contract assets. To measure expected credit losses on a collective basis, trade receivables and cost to obtain contract assets are grouped based on similar credit risk and aging. The Group has not applied the expected credit loss matrix against cost to obtain contract assets as there is no credit loss associated with the balance. The Group applies the general impairment model within IFRS 9 to other receivables. Due to the nature of assets within this balance, no expected credit loss has been recognised.
The expected loss rates are based on the Group's historical credit losses experienced over the last financial year prior to the year end.
<30 Days 31-60 Days 61-90 Days >90 Days Total
Gross trade receivables
(GBP'm) 23.6 7.1 2.4 10.4 43.5
Less: Specifically impaired
receivables - - - (0.9) (0.9)
_______ _______ _______ _______ _______
Net trade receivables
(GBP'm) 23.6 7.1 2.4 9.5 42.6
Expected credit loss rate 0.08% 0.19% 0.23% 0.25%
_______ _______ _______ _______ _______
Expected credit loss (GBP'm) - - - (0.1) (0.1)
_______ _______ _______ _______ _______
Net carrying amount (GBP'm) 23.6 7.1 2.4 9.4 42.5
_______ _______ _______ _______ _______
Provision for impairment of trade receivables
GBP'm
At 31 October 2018 0.1
Increase during the period 0.1
Receivable written off during the period -
_______
At 30 April 2019 0.2
_______
Increase during the period 0.6
Receivable written off during the period (0.1)
_______
At 31 October 2019 0.7
_______
Increase during the period 0.4
Receivable written off during the period (0.1)
_______
At 30 April 2020 1.0
_______
11 Cost to obtain contract assets and deferred revenue
Cost to obtain contract assets GBP'm
Initial recognition of cost to obtain contract assets
on adoption of IFRS 15 12.2
Costs to obtain contracts with customers during the
period 10.3
Amortisation of cost to obtain contract assets in line
with contract performance (3.3)
_______
At 30 April 2019 19.2
_______
Costs to obtain contracts with customers during the
period 13.3
Amortisation of cost to obtain contract assets in line
with contract performance (4.3)
_______
At 31 October 2019 28.2
_______
Costs to obtain contracts with customers during the
period 5.0
Amortisation of cost to obtain contract assets in line
with contract performance (6.0)
Foreign exchange movement 0.5
_______
At 30 April 2020 27.7
_______
Cost to obtain contract assets consist of commission payable to sales employees and are amortised over the period of the customer contract to which they relate.
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Current cost to obtain contract assets 11.9 7.4 12.2
Non-current cost to obtain contract
assets 15.8 11.8 16.0
_______ _______ _______
27.7 19.2 28.2
_______ _______ _______
Deferred revenue represents amounts invoiced in advance in line with contractual arrangements. This will be amortised in future periods in line with fulfilment of the respective performance obligations. The Group expects to recognise most of the deferred revenue balance within one year of the statement of financial position date with a small amount being recognised as greater than one year.
The Group has un-invoiced amounts relating to the remaining term of customer contracts which are not included in the deferred revenue balance greater than one year. There are support and upgrade performance obligations attached to the remaining term of customer contracts not yet invoiced.
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Current deferred revenue 73.9 53.7 67.3
Non-current deferred revenue 9.5 6.0 5.9
_______ _______ _______
83.4 59.7 73.2
_______ _______ _______
12 Trade and other payables
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Trade payables 5.8 5.7 9.9
Other payables 6.9 1.5 4.7
Lease liabilities 5.0 - -
Accruals 25.4 17.5 27.3
_______ _______ _______
Total trade and other payables 43.1 24.7 41.9
Less non-current portion:
Lease liabilities (3.1) - -
_______ _______ _______
Total trade and other payables - current 40.0 24.7 41.9
_______ _______ _______
13 Deferred consideration
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Deferred consideration - cash 4.4 - 4.3
_______ _______ _______
Total deferred consideration 4.4 - 4.3
_______ _______ _______
Deferred consideration is measured at a fixed price at the time of acquisition. The deferred consideration arrangements require the Group to pay GBP4.5m of cash in 2021. There are no performance obligations to be met. This has been discounted to present value, and finance costs of GBP0.1m recognised in the period.
14 Share Capital
30 April 30 April 31 October
2020 2019 2019
Allotted and fully paid up GBP'm GBP'm GBP'm
Ordinary share capital 0.9 0.7 0.8
Deferred shares 1.1 1.1 1.1
_________ _________ _________
Total 2.0 1.8 1.9
_________ _________ _________
Issued and fully paid
Share
Share capital premium
Number GBP'm GBP'm
Total ordinary shares at 31 October
2018 67,047,399 0.6 50.2
_________ _________ _________
Share options exercised in the
year 1,756,512 - 2.6
Shares issued under the company 18,281 - -
Share Investment Plan
Shares issued under the company
Employee Stock Purchase Plan 27,758 - 0.4
Shares issued under the company
Employee Benefit Trust 1,979,335 0.1 -
Shares issued to acquire subsidiary 1,096,011 - -
Thoughtonomy
Shares placed in the year 9,090,910 0.1 99.9
Cost of share placing - - (2.8)
_________ _________ _________
Total ordinary shares at 31 October
2019 81,016,206 0.8 150.3
_________ _________ _________
Share options exercised in the
period 1,444,320 - 2.8
Shares issued under the Company 42,027 - -
Share Investment Plan
Shares issued under the company
Employee Stock Purchase Plan 34,436 - 0.3
Shares issued under the company 859,776 - -
Employee Benefit Trust
Shares placed in the period 9,090,910 0.1 99.9
Cost of share placing - - (2.9)
_________ _________ _________
Total ordinary shares at 30 April
2020 92,487,675 0.9 250.4
_________ _________ _________
Total share based payment charges for options and awards recognised in the period are comprised of:
6 months 6 months 12 months
ending 30 ending 30 ending 31
April 2020 April 2019 October 2019
GBP'm GBP'm GBP'm
Share based payments 6.0 3.0 7.6
Social security on share based
payments 1.0 0.3 (0.4)
_________ _________ _________
Total 7.0 3.3 7.2
_________ _________ _________
15 Notes supporting statement of cash flows
Cash and cash equivalents for purposes of the statement of cash flows comprises:
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Cash at bank available on demand 39.1 78.8 28.5
Short-term deposits - maturing within
3 months from the date deposited 51.7 50.6 17.0
_______ _______ _______
90.8 129.4 45.5
_______ _______ _______
Short term investments are readily convertible to cash:
30 April 30 April 31 October
2020 2019 2019
GBP'm GBP'm GBP'm
Short term deposits - maturing within
12 months from the date deposited 50.0 - 28.6
_______ _______ _______
50.0 - 28.6
_______ _______ _______
16 Reserves
The following describes the nature and purpose of each reserve within equity:
Reserves Description and purpose
Share premium Amount subscribed for share capital in
excess of nominal value.
Shares to be issued Deferred consideration in the form of
shares as part of the acquisition of Thoughtonomy.
Other reserves Excess over nominal value of shares issued
as part of the acquisition of Thoughtonomy
Merger reserve Amounts arising on share for share exchange.
Accumulated losses All other net gains and losses and transactions
with owners (e.g. dividends) not recognised
elsewhere.
Foreign exchange reserve Gains or losses arising in retranslation
of the net assets of the overseas operations
into sterling.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR BRGDLRXBDGGR
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June 18, 2020 02:00 ET (06:00 GMT)
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